Will Bitcoin be at or above $78,000 on Aug 29?
Signal ended
Entry · NO83¢
PublishedAug 29
Aug 29 forecast
Bitcoin remains below the threshold after a sharp macro-driven selloff, so an Aug. 29 price at or above $78,000 is a long shot.
Multiple Aug. 29 readings place Bitcoin around $77,500, with the reported daily high still below $78,000. The preceding selloff broke support amid rising yields, a stronger dollar, heavy long liquidations, and renewed ETF outflows. The threshold remains close enough for ordinary Bitcoin volatility to produce a late rebound, but current momentum and demand signals make that recovery a long shot.
Points to NO
- Bitcoin is below $78,000 and has not reached the threshold in the reported Aug. 29 range, leaving little room for another failed rebound before the deadline.At 12:10 p.m. on Aug. 29, BTC/USD was $77,551.0406 after trading between $77,350.5774 and $77,891.8061 that day.
- The latest decline followed a macroeconomic shock that strengthened the dollar and short-term yields, creating continued headwinds for a rapid Bitcoin recovery.On Aug. 28, Bitcoin fell below $78,000 as short-term Treasury yields and the U.S. dollar rose after the Federal Reserve chair’s Jackson Hole speech.
- Heavy leveraged-long liquidations indicate that bullish positioning has been forcibly reduced, increasing the risk that weak rebounds attract further selling.An Aug. 29 report recorded nearly $488 million in crypto liquidations over the preceding day, including more than $360 million in leveraged longs and about $141 million tied to Bitcoin.
Points to YES
- Recent intraday swings have been much larger than the remaining gap to $78,000, preserving a narrow path for a late recovery despite bearish momentum.On Aug. 28, Bitcoin traded between $76,853 and $81,500 before closing at $77,611.
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